Riviera Tool Company Announces First Quarter Results
17 December 1997
Riviera Tool Company Announces First Quarter Results
GRAND RAPIDS, Mich., Dec. 17 -- Grand Rapids, Michigan-based
Riviera Tool Company (Amex: RTC) today reported its operating results for the
quarter ended November 30, 1997. The Grand Rapids, Michigan-based designer
and manufacturer of stamping die systems reported net income of $330,958, or
primary earnings per share of 16 cents, on sales of $5,443,805, versus net
income of $171,911, or 12 cents per share, on sales of $5,480,213 for the
first quarter ended November 30, 1996.
During the first quarter the Company continued to acquire and implement
new technology in accordance with its strategic plan. "The most recent
acquisition of four (4) 1,000 ton, 180 inch large stamping presses will
increase our plant capacity, while increasing the size of dies that we can
design and manufacture," President Kenneth K. Rieth said. He added that "we
are excited about adding this large die capacity in order to provide better
service to our industry."
This release contains forward-looking statements relating to future
financial results. Actual results may differ materially as a result of
factors over which the Company has no control. These risk factors and
additional information are included in the Company's report on Form 10-K on
file with the Securities and Exchange Commission.
Riviera designs, develops and manufactures custom large scale metal
stamping die systems used in the high speed production of sheet metal stamped
parts and assemblies for the automobile industry. Riviera's common stock
trades on the American Stock Exchange under the symbol "RTC."
RIVIERA TOOL COMPANY
STATEMENT OF OPERATIONS
For the Three Months Ended
November 30,
1997 1996
$$ % $$ %
Sales $5,443,805 100.0% $5,480,213 100.0%
Cost of sales 4,184,070 76.9% 4,395,263 80.2%
Gross profit 1,259,735 23.1% 1,084,950 19.8%
Selling, General &
Administrative Expense 503,742 9.3% 430,531 7.9%
Income from Operations 755,993 13.8% 654,419 11.9%
Interest Expense (131,829) (2.4)% (402,645) (7.3)%
Other Expense -- --% -- --%
Other Income 23,759 .4% 15,387 0.3%
Total Interest and Other
Expense (108,070) (2.0)% (387,258) (7.0)%
Income before Tax 647,923 11.8% 267,161 4.9%
Income Taxes 232,886 4.3% 90,638 1.7%
Net Income 415,037 7.5% 176,523 3.2%
Dividends and Accretion 84,079 1.5% 4,612 .1%
Net Income Available
for Common Shares $330,958 6.0% $171,911 3.1%
Primary Earnings per Share $.16 $.12
Weighted Average Shares
Outstanding 2,067,857 1,460,000
Fully Diluted Earnings per
Share $.15
Fully Diluted Shares
Outstanding 2,765,962
RIVIERA TOOL COMPANY
BALANCE SHEETS
November 30, August 31,
1997 1997
Assets:
Cash $20,011 $--
Accounts receivable 3,683,823 4,815,543
Contracts in process 9,348,795 7,138,358
Inventories 468,740 468,740
Prepaid expenses and other current assets 394,705 267,554
Total Current Assets 13,916,074 12,690,195
Fixed assets, net 10,654,949 9,640,330
Perishable tooling 512,156 572,585
Other assets 122,883 187,843
Total Assets $25,206,062 $23,090,953
Liabilities and shareholders' equity:
Current maturities of long-term debt $650,000 $650,000
Accounts payable 1,356,099 1,241,243
Accrued liabilities 683,448 634,924
Total Current Liabilities 2,689,547 2,526,167
Long-term obligations, net of current
maturities 4,665,369 7,202,393
Other liabilities 1,782,291 1,540,060
Shareholders' equity 16,068,855 11,822,333
Total Liabilities and Shareholders'
Equity $25,206,062 $23,090,953
SOURCE Riviera Tool Company